Temasek Holdings Pte’s investments in China are now smaller than those in the Americas for the first time in at least a decade, underscoring persistent caution among global money managers toward Asia’s largest economy. The Singapore state-owned investor on Tuesday reported a modest total shareholder return of 1.6% for the year ended March 31. It said China’s capital markets slump caused valuations of its assets in the country to decline, which offset better returns from the US and India. The performance was an improvement on Temasek’s one-year return in fiscal 2023, which was a 5.07% drop. The firm’s net portfolio value reached S$389 billion ($288 billion) as of March, up from S$382 billion a year earlier.